President Vladimir Putin, who plays a decisive role in OPEC+ oil policy, hasn’t yet decided whether Russia will support the group’s proposal for deeper production cuts. A delegate made the announcement ahead of the next meeting of the Organisation of Petroleum Exporting Countries on April 17. The cartel has been flooding the world market with...
Tag: Russia
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Oil price gains hold while Russia keeps OPEC+ waiting on output cut
Oil advanced from a one-year low even as Russia kept OPEC+ waiting on a decision about whether to cut production in response to the coronavirus outbreak. Oil production in the US has continued to expand and now stands at a record level of 12.9 million barrels. All the leading producers are committed to the level....
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Oil crests $50/bbl before OPEC+ meets to assess demand
Oil traded back above $50 a barrel before OPEC and its allies gather Tuesday for an urgent meeting to assess the impact of the work effect on global demand. OPEC are reportedly planning to meet on coming Tuesday and Wednesday in Vienna to discuss options. Saudi Arabia opens talks on possible Feb OPEC+ meeting. The...
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Equinor taps Subsea Integration Alliance for Bacalhau FEED project offshore Brazil
Schlumberger announced an award to Subsea Integration Alliance of an exclusive contract by Equinor for the front-end engineering design (FEED). Equinor and its partner Shell have completed a joint acquisition of the 49% interest held by Schlumberger. The contract scope brings together field development planning, project delivery. Equinor has signed an agreement with Eidesvik Offshore...
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Gazprom Neft establishes digital development JV for Russian, global markets
Gazprom Neft and ICS Holding have set up a joint venture to develop digital products for the oil and gas industry. Pursuant to the Protocol of December 20, 2019, Gazprom, Naftogaz of Ukraine, Gas Transmission System Operator of Ukraine. The Federal Agency for Mineral Resources approved the expert opinion. The development strategy for the new...
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OPEC output falls as Gulf nations step up delivery of oil cuts
OPEC’s output declined last month as several Persian Gulf producers. OPEC+ will adjust its output target and redistribute production cuts. The implementation of cutbacks aimed at balancing global oil markets. Oil production in the US has continued to expand. The energy ministers of Saudi Arabia and Russia called on all producers. It have been hearing...
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Russia’s energy minister says OPEC+ cuts can’t last forever
OPEC+ output cuts have stabilized the global oil market but can’t last forever. OPEC+ will adjust its output target and redistribute production cuts between its members under pressure. Oil production in the US has continued to expand and now stands at a record level of 12.9 million barrels a day. The uncertainty persists over the...
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OPEC+ clamping down on members exceeding production quotas
OPEC+ is poised for a debate about lax implementation of oil-production cuts in Vienna this week. Oil jumped above $61 a barrel on last Monday, supported by hints that OPEC. The dollar and global stock markets fell on last Monday after U.S. President Donald Trump’s speech. Russia asking to discuss a rule change that would...
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Aramco IPO retail offering fully covered with one day to go
The retail tranche of Saudi Aramco’s initial public offering is fully covered with one day to go after 3.7 million investors applied. Saudi Aramco recently honored a number of local manufacturers distinguished for offering high-quality products. Saudi Aramco is participating in the 2019 Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC). Company issued a prospectus...
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Equatorial Guinea announces winners of EG Ronda 2019 bidding round
Equatorial Guinea’s Ministry of Mines and Hydrocarbons has announced the winners of the 2019 licensing round for its oil. Equatorial Guinea’s ruling party has expelled 42 of its members for their alleged role in a coup bid late last year. Equatorial Guinea’s army chief-of-staff, who was only appointed to the post in October. Two journalists...